E-Commerce Giant Alibaba To Use Blockchain For Tracking Goods For Its Tmall Global Marketplace

E-Commerce Giant Alibaba To Use Blockchain Technology For Tracking Goods

The subsidiary of Alibaba Group, Tmall Global, is running tests on a blockchain technology to be able to trace imported goods. There are different features being implemented, including a system of image recognition and laser marks. The main intention behind it is to be able to monitor the delivery on every single step of the process. The information was released by u.today on February 25.

Imported goods will have also a “visa” feature that will be tracing a QR code of this specific imported good. As soon as goods are bought firms have to attach the QR code on top of the goods’ packaging. Some information regarding the product must be provided such as the time of the purchase and the location, among other things.

Users can scan the QR code and receive all the information regarding this product. Alibaba’s subsidiary wants to create the QR codes on its own. This works in a similar way as VeChain’s RFID. As soon as the QR code is removed, it is eliminated. Moreover, it will be non-reusable or replicable anymore. Since the system is based on blockchain technology, there will be no possibilities to change or erase it.

There will also be some laser marks and other technologies in place that will stop codes from being copied or modified. According to local reports, the system for tracking goods using blockchain technology will be used for high-end goods and also the fashion industry.

In the past, JD.com, an e-commerce giant in China, decided to implement a tracking system based on distributed ledger technology as well. With it, it was possible to provide users with information about the product that they were purchasing. Specifically, the DLT platform aimed at improving the quality of the products consumed by buyers.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,233FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Deregulating Bitcoin May Increase Speculative Trading Instead of Technical Innovation: Japan’s New Top Financial Regulator

Ryozo Himino, the new top financial regulator of Japan, wants the country to take caution over promoting digital assets, arguing that instead of promoting...

Goldman Sachs New Digital Asset Manager Reveals Plans to Bring A ‘Digital Token' to the Bank

U.S. financial giant Goldman Sachs is pushing forward its plans to launch a digital asset with the appointment of its new digital asset...

Grayscale Ethereum Trust Files with SEC to Halve the ETHE Locking Period Same as GBTC

Grayscale Investments has publicly filed a registration statement on Form 10 with the US Securities and Exchange Commission (SEC) on behalf of its Ethereum...

Florida Teenager Behind the Infamous Crypto Twitter Hack Pleads Not Guilty to 30 Counts of Fraud

Graham Ivan Clark, the 17-year old Florida teenager accused of being the main culprit of the most significant privacy breach in Twitter’s history, has...

Bitmain’s Management Feud Is Finally Affecting Business Operations; AntMiners Shipments Delayed

Bitmain’s top-level struggles cause a three-month delay in Antminer hardware. Two mutually exclusive solutions offered to customers. The constant wrangling within the largest Bitcoin...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today